|PLAYA HOTELS & RESORTS N.V. filed this Form 8-K on 01/04/2019|
EXECUTIVE EMPLOYMENT AGREEMENT
This EXECUTIVE EMPLOYMENT AGREEMENT (Agreement) is made as of December 28, 2018 (the Agreement Date), with an effective date of January 1, 2019 (the Effective Date), by Playa Management USA, LLC, a Delaware limited liability company with an address at 3950 University Drive, Suite 301, Fairfax, Virginia 22030 (Playa Management), and Kevin Froemming (Executive). Executive and Playa Management are referred to as Parties or Party herein.
WHEREAS, Executive is currently employed as Chief Marketing Officer (CMO) of Playa Management; and
WHEREAS, as of the Effective Date, Playa Management desires to continue to engage Executive as CMO; and
WHEREAS, Executive desires to continue to serve as CMO of Playa Management pursuant to the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties agree as follows:
Playa Management shall employ Executive, and Executive shall be employed by Playa Management, upon the terms and conditions set forth in this Agreement. Unless terminated earlier pursuant to Section 5 below, Executives employment pursuant to this Agreement shall be for a period of three (3) years commencing on the Effective Date and ending on December 31, 2021 (the Employment Period). Non-renewal of this Agreement shall not constitute a termination of Executive under this Agreement for purposes of Section 5 below.
(a) Executive shall be employed as CMO. Executive shall report to the CEO of Playa Management, which shall have the final and exclusive authority to direct, control and supervise the activities of Executive. Executive shall perform such services consistent with his position as may be assigned to him from time to time by the CEO. Executive is employed in a fiduciary relationship with Playa Management. In addition to the foregoing, Executive shall perform duties consistent with his appointment from time to time to any other executive positions with Playa Management or any of Playa Managements related or affiliated entities (the Playa Affiliates). For the avoidance of doubt, Executive may be appointed, removed, and reappointed to or from executive and directorship positions of any Playa Affiliate and any such action, other than a removal of Executive as an executive of Playa Management shall not constitute a termination of Executive under this Agreement.
(b) Executive shall carry out his duties set forth in this Agreement at Playa Managements offices in Ft. Lauderdale, Florida; provided, however, that Executives duties require extensive and extended travel, which the parties expect, may involve travel approximately fifty percent (50%) of the time with fluctuations based upon business exigencies.